Modal (formerly Drive Motors), a San Francisco, CA-based provider of digital commerce for large auto retailers and brands, raised $5m in funding.
Backers included:
– Peter Thiel,
– IDOM Inc., and
– Ally Ventures, the investing arm of national auto finance company Ally Financial.
The company intends to use the funds to:
- scale commerce platform,
- develop new commerce technologies that streamline the auto purchase transaction, and
- more than double the size of its teams in its San Francisco, CA headquarters, and its regional support offices.
Led by CEO Aaron Krane, Modal allows auto dealers and brands to deliver digital transactions inside their existing websites and showrooms. Since launching three years ago, overall volume through its Checkout product has grown to over $8 billion. Last year, Modal doubled its average monthly volume per store to over $1.8M/month, with top performing stores generating over $10M/month.
FinSMEs
14/06/2019